The World Trade Organisation (WTO) has agreed to cut tariffs on IT products worth over a trillion dollars.
In a statement, it said the tariff cuts would take place over a period of three years on products ranging from GPS systems to touch screens.
The WTO further stated said that the agreement is a landmark one, as the deal covers more than 200 products worth 1.3 trillion US Dollar in annual global trade.
This is larger than global trade in automotive products or trade in textiles, clothing, iron and steel combined.
The WTO said that though only 54 member-states took part in the talks but all 161 nations that make up the organisation can benefit from its terms.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app